Canada: CRA announces some tax relief measures during COVID-19 pandemic
26 April, 2020
The Canada Revenue Agency (CRA) has recently announced few tax relief measures. These includes:
On 21 April 2020, the CRA launched general guidance concerning the Canada Emergency Wage Subsidy (CEWS) and a calculator for determining the subsidy amount for qualifying entities. The CEWS provides a payment of up to 75% of the eligible remuneration normally paid by an eligible employer to eligible employees retroactive from 15 March 2020, and 6 June 2020.
On 27 March 2020, government announced that any GST/HST payments or remittances deadlines for statements of accounts for March, April, and May are deferred to 30 June 2020.
In 2024, there were several announcements about changes to business taxes that will take effect in 2025. Canada Revenue Agency (CRA) has published key updates, along with some helpful resources to make it easier to manage these
Canada’s Ministry of Finance has reported a CAD 14.50 billion (USD 10.09 billion) budget deficit in the first seven months of 2024-25 on 20 December 2024. The Finance Ministry said this deficit is slightly lower than last year due to increasing
Canada’s government has mandated that large businesses whose online revenues are above specific thresholds must register for a Digital Services Tax (DST) programme account by 31 January 2025, and file and pay their first DST returns by 30 June
Canada's Department of Finance has released the 2024 Fall Economic Statement on 16 December 2024. Among the key updates are enhancements to the Scientific Research and Experimental Development (SR&ED) tax incentive programme and more support for
Canada's Department of Finance has announced enacting the Tax Break for All Canadians Act after receiving Royal Assent on 12 December 2024. This legislation introduces a temporary Goods and Services Tax/Harmonized Sales Tax (GST/HST) exemption on
Canada has provided a formal notice to Russia, on 18 November 2024, to confirm the suspension of the Agreement Between the Government of Canada and the Government of the Russian Federation for the Avoidance of Double Taxation and the Prevention of
